Correlation Between Intel and PHILIP
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By analyzing existing cross correlation between Intel and PHILIP MORRIS INTL, you can compare the effects of market volatilities on Intel and PHILIP and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Intel with a short position of PHILIP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and PHILIP.
Diversification Opportunities for Intel and PHILIP
Excellent diversification
The 3 months correlation between Intel and PHILIP is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Intel and PHILIP MORRIS INTL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHILIP MORRIS INTL and Intel is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Intel are associated (or correlated) with PHILIP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHILIP MORRIS INTL has no effect on the direction of Intel i.e., Intel and PHILIP go up and down completely randomly.
Pair Corralation between Intel and PHILIP
Given the investment horizon of 90 days Intel is expected to generate 2.06 times more return on investment than PHILIP. However, Intel is 2.06 times more volatile than PHILIP MORRIS INTL. It trades about 0.12 of its potential returns per unit of risk. PHILIP MORRIS INTL is currently generating about -0.08 per unit of risk. If you would invest 2,010 in Intel on September 2, 2024 and sell it today you would earn a total of 395.00 from holding Intel or generate 19.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Intel vs. PHILIP MORRIS INTL
Performance |
| Timeline |
| Intel |
| PHILIP MORRIS INTL |
Intel and PHILIP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and PHILIP
The main advantage of trading using opposite Intel and PHILIP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, PHILIP can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in PHILIP will offset losses from the drop in PHILIP's long position.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Valuation module to check real value of public entities based on technical and fundamental data.
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